NZASB Update 2/2019

This NZASB Update provides you with an overview of the New Zealand Accounting Standards Board’s recent activities, any new standards or interpretations, as well as other matters of interest.

Next NZASB Meeting

Tuesday 12 February 2019, Wellington

Board meeting icon 

For-profitNot-for-profitPublic Sector


We have now uploaded the public meeting papers to the XRB website for the NZASB’s first meeting of 2019.

At this meeting, the NZASB will receive:

  • An education session on these recent IPSASB documents
    • IPSAS 42 Social Benefits and
    • ED 67 Collective and Individual Services and Emergency Relief
  • An update on the IASB’s Disclosure Initiative.

Did you know that NZASB meetings are open to the public?

You can access the public agenda, public meeting papers and register to attend the NZASB meeting on our website.

Register here


IPSASB ED released

Collective and Individual Services and Emergency Relief

Open for comment icon


Not-for-profitPublic Sector


Tier 1 and Tier 2

 

The IPSASB has published for comment Exposure Draft 67 Collective and Individual Services and Emergency Relief (Amendments to IPSAS 19) (the ED).

The ED seeks to address a wide range of significant items of government expenditure that may have been scoped out of IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets under the existing description of social benefits in IPSAS 19.

The ED proposes requirements for accounting for collective services (such as street lighting and defence services), individual services (such as healthcare and education) and emergency relief (such as cash transfers, goods and services provided in response to natural disasters or costs incurred in preparing for such events).

You can send your comments to the NZASB by 5 April 2019 or directly to the IPSASB by 31 May 2019.

Have a look


Our new submissions process

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For-profitNot-for-profitPublic Sector


We have recently transformed the way you can provide feedback on documents we put out for consultation.

You can now submit your documents or comments using the consultation page on the XRB website.

We have designed a secure online form to make your upload safe, quick and easy. The upload form will now appear with every consultation document open for comment.  

For example, if you wanted to make a submission or provide some informal comments on, say NZASB ED 2018-5 PBE Financial Instruments, you can now do this directly using the XRB website – instead of attaching it to an email or posting it to us.

We encourage you to use the new online submission process.

You can:

  • Upload an MS Word document (and a PDF file, if you wish); or
  • Write your comments directly in the comments field provided.

Have a look 


Have you registered yet?

Reminder icon

For-profitNot-for-profitPublic Sector


Business Links Seminar
New Leasing Standards for both PBEs and For-profit entities

5:30PM—7:30PM
Monday, 11 February 2019
Lecture Theatre 2, Rutherford House
Victoria University of Wellington (VUW), Pipitea Campus

Seminar presenters 


For-profitNot-for-profitPublic Sector


IPSASB Chair, Ian Carruthers (far left), joins three NZASB Board members, Angela Ryan, Francis Caetano and Karl Hickey, in a discussion about the development of the IPSASB Exposure Draft on Leasing, and the new for-profit leasing standard, IFRS 16 Leases.

This seminar is jointly hosted by the XRB and the Centre for Accounting, Governance and Taxation Research at VUW. Light refreshments will follow the seminar.

Register here


Have your say...

Have your say icon

For-profitNot-for-profitPublic Sector


Before issuing a finalised accounting standard the NZASB and the international standard-setting boards, IASB and IPSASB, issue consultation documents. These documents seek your feedback on proposals that could potentially affect you.

We are currently consulting on the matters set out in the tables below. 

Tell us how these changes could affect your entity or the entities you work with.

We welcome your comments and feedback, either formal or informal, by the due dates below.

Have a look at our new arrangements for receiving submissions.  You can now send them to us direct from our website. 

 

For-profit, Not-for-profit and Public Sector Standard


 

IASB Standard


 

IPSASB Standard

Tier 1 and Tier 2


 

PBE Standards

Tier 1 and Tier 2 


This NZASB Update is intended to provide subscribers with a summary of the recent activities of the New Zealand Accounting Standards Board (NZASB). Links to websites are correct at the time of publication. Subscribers should not rely on this newsletter as a definitive publication of updates. The External Reporting Board and its sub-Board the NZASB do not guarantee, and accept no legal liability whatsoever arising from or connected to, the accuracy, reliability, currency, timeliness or completeness of this newsletter. The information contained in this newsletter does not constitute advice and should not be relied upon as such.


This NZASB Update refers to the work of the International Accounting Standards Board (IASB) and uses registered trademarks of the IFRS Foundation (for example, IFRS® Standards, IFRIC® Interpretations and IASB® papers).